Diana Shipping Reaffirms Offer for Genco Amidst Ongoing Takeover Battle
DSX sits 42% above its 52-week low of $1.46 on elevated volume (2.2× avg).
Summary
Diana Shipping Inc. has reaffirmed its offer to acquire Genco Shipping & Trading. This follows Diana Shipping's recent increase of its all-cash tender offer to $27.34 per share on June 17th, which itself came after Genco rejected a prior $24.80 per share offer on June 2nd. The reaffirmation signals Diana Shipping's continued determination to acquire Genco, maintaining pressure in the ongoing hostile takeover attempt.
At the time of this announcement, DSX was trading at $2.08 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $259.4M. The 52-week trading range was $1.46 to $2.92. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.